We are pleased to present the 38th English issue of Forbes Georgia. This issue features a variety of articles on topics such as business, entrepreneurship, and economics. We hope you enjoy reading it as much as we enjoyed putting it together.
Cover Story
◾ Beyond the Blueprints: Redefining Real Estate | By: Anina Tepnadze
As Georgia’s real estate market grows more complex, the limits of standardized investment models are becoming harder to ignore. Giorgi Potskhveria, co-founder of Idea Development, is confident that the future lies in data-driven personalization. Through Idea Invest, he’s building a platform designed to meet that shift head-on.
Technology
◾ Leading With Curiosity | By: Anina Tepnadze
Sandro Chubinidze’s experimental mindset has guided him from his childhood explorations to developing materials capable of withstanding flames of up to 2,000°C. This innovative approach led him to co-found Elven Technologies, a company that has attracted the attention of major global automakers. His philosophy emphasizes leading through exploration rather than relying on predetermined answers. This mindset is transforming the way the world addresses lithium battery safety, demonstrating that the most difficult problems require the most creative solutions.
◾ Masters of the Data Sea | By: Anina Tepnadze
The co-founders of the startup Datamind, Rati Kunchulia and Vakho Burchuladze-Kalandadze, have captured almost 70% of the banking sector in Georgia with their universal data integration engine. Today, they are preparing to launch a new product, Data Unistream, which will make data-driven decision-making easier for companies across any industry on a global scale.
◾ The Strategic Code for Transformation | By: Kakhi Chakvetadze
Founded in London by three Georgians, Conceptdigital today delivers digital transformation solutions to businesses worldwide. The company’s success lies in the diverse experience of its founders: Zurab Dzagania, Ioane Chikovani, and Forbes Georgia 30 Under 30 winner Tengiz Meskhi.
Leaderboard
◾ The Top Ten Most Profitable Hospitals in Georgia
The healthcare system plays a crucial role for both individuals and the overall economy. A key part of this system is the hospitals and medical institutions that provide essential services. A significant portion of hospital revenues comes from public funds, as inpatient care accounts for the majority of financing under the Universal Healthcare Program. Forbes Georgia presents the ten most profitable hospitals in 2023, ranked by return on assets (ROA).
◾ Which Banks in Georgia Pay The Best Salaries?
In Georgia, the banking sector is a key pillar of the economy and a significant source of financial resources. Currently, fourteen licensed traditional commercial banks in the country offer customers a wide range of banking products.
◾ The Most Profitable Banks in Georgia
As of 2024, 14 traditional commercial banks were operating in Georgia. Their total interest income amounted to ₾8,419.1 million, while commission income reached ₾1,572.7 million. During this period, the total net profit of the banks was ₾3,102.6 million, with 87.3% of the total coming from the two largest banks: TBC Bank and Bank of Georgia. In 2024, of the 14 banks in the financial market, only Silk Bank ended the year with a loss. The remaining banks had a profitable year, though with varying levels of performance.
◾ The Top Ten Sources of Foreign Currency
Georgia has an open economy, which means it is open to foreign economic relations, including trade in goods and services, money transfers, investments, and loans. However, the suspension of foreign government grants by donors and the oversight of grants for the non-governmental sector have somewhat hindered the inflow of foreign currency into Georgia.
Report
◾ 2025 Forbes Georgia Banking Conference: Event Summary
On May 21, Forbes Georgia, in collaboration with Concept Digital and Identomat, hosted the Forbes Georgia Banking Conference 2025. The event took place at the Warehouse Bar & Terrace in Stamba Hotel, attracting over 100 leaders and representatives from top organizations in the banking and fintech industries. The conference aimed to provide clarity, knowledge, and a platform for sharing insights and forecasts during a time of ongoing regulatory changes and technological disruptions in the financial sector.
Thought Leaders
◾ European Troops in Ukraine: A Coalition of the Willing or the Ready? | By: Aka Zarkua
Initially, European states were apprehensive about the possibility of a second Trump administration and grew increasingly uneasy after Vice President Vance’s speech at the Munich Security Conference. However, genuine alarm arose after it became clear that Washington would not take a central role under Trump’s leadership in the post-war phase of the Russia-Ukraine conflict. Consequently, European nations began to recognize that they would need to take on the role of the primary deterrent against Russia in the post-war landscape.
◾ The Beginning of a Great Reassessment in Europe | By: Giorgi Tskhadaia
In response to Russia’s imperialist war in Ukraine and the revisionist foreign policy pursued by the Trump administration in the U.S., many European countries are undergoing a lengthy and painful reevaluation of their long-held beliefs. In February, the Danish Intelligence Service (DDIS) published a report warning that within about five years, Russia might be capable of launching a regional-scale war against NATO-member European states. This threat becomes more likely if the Kremlin believes the U.S. will not intervene to defend Europe.
◾ The Steep Cost of Standing at a Protest | By: Tamar Ketsbaia
Recent developments reveal a troubling trend — freedom of expression in Georgia has, in effect, become something one must pay for. The most blatant evidence of this is the mass fining of demonstrators for allegedly blocking the roadway during protests.
Business
◾ Standing Out Among Leaders | By: Anina Tepnadze
Nexia Georgia has been named ‘Company of the Year’ for the second time, standing out among 800 offices across 130 countries. According to the latest data, its revenue growth in Georgia is nearly three times higher than the average growth rate of the country’s top ten audit firms.
◾ An Agency for a New Era | By: Anina Tepnadze
For creative industry veterans Sandro Tsitskishvili and Giorgi Tabatadze, founding the new advertising agency Supermarket is not just another career move but a response to a system that needs fresh thinking. Together with co-founders Eka Kipiani and Vaska Chubinidze, they have built an agency model that considers the needs of every single link in the creative chain.
◾ Fintech is the New Reality | By: Iza Gvaramadze
Since becoming Eurocredit’s CEO at the end of 2018, Mikheil Nonikashvili has positioned digital transformation at the core of the company’s strategy. Under his leadership, Eurocredit has significantly improved its operational efficiency, resulting in a 67% increase in the loan portfolio and a 53% boost in annual profit. Mikheil Nonikashvili remains firmly committed to this forward-looking approach, confident that it will steer Eurocredit toward becoming a fully integrated fintech company.
Entrepreneurs
◾ Diversity as a Strategy | By: Anina Tepnadze
Elene Sigua is well-known in Georgia for her efforts to popularize the French brand IZIPIZI. She attributes her successful career to several key factors: effective communication, quick decision-making, and trusting her intuition. Currently, Elene is concentrating on developing an innovative startup with her partners, while also providing consulting services on marketing and sales strategies for brands within the Gastronome Group.
◾ The Flexible Future of the Employment Market | By: Anina Tepnadze
The startup Herio connects businesses interested in temporary employment with talent. Launched in January 2025, the app had nearly 2,500 freelancers and around 70 employers within a few months. However, Levan Asanidze, the founder and CEO of Herio, has a much more ambitious goal than just success measured in numbers. He aims to transform the employment market.
◾ Global Expansion with Local Impact | By: Kakhi Chakvetadze
With a global footprint spanning over 9,300 hotels in 95 countries, Wyndham Hotels & Resorts is the world’s largest hotel franchisor. In Georgia alone, the company has almost 40 projects, and as Sergey Egorov states, expansion is far from slowing down, with new developments already in progress.
Economy
◾ Why did Foreign Direct Investment Decrease in 2024? | By: Beso Namchavadze
Foreign Direct Investment (FDI) statistics garner significant attention in Georgia. A common belief is that when investment is growing, the country’s economic policy is effective; conversely, if investment is declining, something is seriously wrong. The growth or decline typically refers to changes compared to the same period in the previous year. Therefore, if investment was low last year, achieving growth this year is easier; conversely, sustaining further growth becomes more challenging if it was high. It is essential to analyze the substance of the investments; merely measuring growth or decline does not necessarily provide meaningful insights.
◾ What are the Trends in Georgia’s Banking Sectors? | By: Beso Namchavadze
Over the past decade, Georgia’s banking system has faced several challenges, including a significant depreciation of the lari from 2014 to 2016, tightening banking regulations from 2017 to 2019, the COVID-19 pandemic from 2020 to 2021, and the Russia-Ukraine war from 2022 to 2024. Nevertheless, today Georgia’s banking sector is significantly larger and more stable than it was ten years ago.
History
◾ Nero, Christians, and the Great Fire of Rome| By: Nika Khoperia
The magnificent capital of the Roman Empire often fell victim to fire. The most famous and significant of these fires occurred during Nero’s reign, which has long attracted the attention of contemporary historians, religious scholars, and conspiracy theorists. Who was responsible for the fire? When did the Christians appear in Rome, and what were the emperor’s plans?
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